In most cases, the first step in the initial (pre-planning) phase of the entrepreneurial process is this.
A) pinpointing potential competitive advantages
B) identifying potential opportunities
C) exploring finance options
D) researching the venture's feasibility

Question

Quizplus · Accepted Answer

B) Without a promising opportunity, there is no reason to embark on a venture in the first place. Thus, the first step in the initial (pre-planning) phase of the entrepreneurial process is to identify a promising potential opportunity in the marketplace, making "identifying potential opportunities" the correct response. The second step is to pinpoint competitive advantages that your approach to developing the opportunity might offer. If you seem to have a real competitive edge, the third step is to see how feasible the venture is by estimating costs and assessing competitors. The final step of the process, if other things check out, is to explore options for funding.

In Most Cases, the First Step in the Initial (Pre-Planning)